Bitcoin recovered from its Asian-session lows and traded close to $86,000 as weaker oil prices and firm stock markets improved appetite for risk.
WTI crude fell below $90, helping ease pressure across markets while equities provided additional support for cryptocurrencies. Bitcoin was listed at $85,880.89, up 1.24%.
However, futures data indicated that the move higher was driven mainly by traders closing short positions rather than by a significant increase in new long positions.
Short covering occurs when investors who had bet on a price decline buy back the asset to close their trades. That buying can lift prices, but it does not necessarily signal strong fresh demand from investors expecting further gains.
The cryptocurrency’s rebound came as markets continued to monitor developments affecting oil prices. Bitcoin had been trading lower earlier in the Asian session before recovering as crude weakened and stock-market sentiment remained positive.
ZetaChain holders back move to Solana
Elsewhere in the digital-asset market, ZetaChain holders voted overwhelmingly to retire the blockchain and transfer its ZETA token to Solana.
The decision represents a significant change for ZetaChain, with the project’s existing blockchain set to be discontinued and its token moved to another network.
No further details on the timing or process of the migration were given in the source material.
